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Hi,

Mortgage lenders increased fixed mortgage rates by roughly .20% this week.  This was expected with the Bond yields moving up last week.  Over the past year fixed mortgage rates have fluctuated up and down by roughly .80% from 3.79% to 4.59% but overall remained flat i.e. the trend has not changed.  The question that everyone is asking now, is the trend finally breaking into a upward trend in both fixed and the variable lending rate.  This remains to be seen.  Just as we think the trend is breaking and moving up we get a bad piece of economic news which corrects the trend.
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Before you go house hunting to purchase a new home you should always get your mortgage pre-approval financing in place.
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Hi,

On this cold and snowy day please stay warm and drive safe.

When your mortgage is up for renewal you do have options.  Believe it or not nearly 70% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender the lender (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that the client will just sign the letter and send back to the lender.  The lenders (mainly banks) save allot of money by taken this approach.
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Mortgage Line of Credit also know as  Home Equity Line of Credit or Secured Line of Credit are Lines of credit secured against one’s property.   Whereas a traditional mortgage has fixed and interest payments, Mortgage Lines of Credit have only interest only minimum payments.  Naturally a client would eventually want to pay more then the interest and with the line of credit being completely open they can.
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The Following changes are for High Ratio Mortgages i.e. mortgages with less than 20% down payment.
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Rates Last Updated : January 13, 2011
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What is Mortgage Refinance?

A Mortgage Refinance is remortgaging your existing mortgage by using the equity in your home.  For example; you have a mortgage of $200,000.00 and a home worth $400,000.00. You can borrow up to 90% of your home value, in this case up to $360,000.00 ($400,000.00 x .90%).  Your new mortgage will be the $200,000.00 plus the extra money you take out.

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Toronto Mortgage Rates and products constantly change. The Toronto market is more competitive than ever. With one phone call or email to Robert, you can be tapped into the newest information in the mortgage market.
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Hello and Happy 2011.  The Sun is shining although a little cold so wrap up warm.
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